Indian steel prices moved further downtrend today by INR 100-500/MT owing to limited spot trades. Hence, the producers have reluctant to cut prices to fetch better response.
On day trade activities, the Rebar & Billet prices drop by INR 100-500/MT (upto USD 7), while sponge iron market registered price fall of INR 100-300/MT in major locations.
Market participants are assuming that, Semis prices should sustain at current levels as margins of standalone manufacturers at bottom-line and this may force producers either to keep prices steady or go for lower productions to maintain supply-demand chain.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 31,400-35,300/MT (USD 442-497) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,500-21,000/MT (USD 274-296); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 25th February 2019 (Monday) INR to USD exchange rate stood at INR 70.97
— ICEX (Indian Commodity Exchange Ltd) Mar’19 contract for STEELLONG today open at INR 34,520/MT & last traded (IST 18:19) at INR 33,960/MT.
— BSE Sensex closed at 36,213(+341) on Monday, as against last day (Friday) at 35,871(-26).
— NSE Nifty50 index was closed today at 10,880(+88).
Raw Materials
— As per customs data, India imported 5,285,427 MT ferrous scrap in CY’18 as against 4,568,471 MT recorded in CY’17.
— Imported scrap offers to India for HMS (80:20) Europe origin containers stood at around USD 320/MT, CFR Nhava Sheva.
— According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 215/MT FoB Australia & USD 226.50/MT CNF India. Offers rise by USD 10-11/MT W-o-W.
Semi Finished
— SAIL to auction 15,000 MT basic grade pig iron from its Rourkela Steel Plant (RSP) on 27th Feb’19. The company’s last auction held on 16th Feb’19 was received good response as total alotted quantity have been sold out on increase bid price by INR 100-200/MT to INR 27,000-27,150/MT ex-plant.
— Jindal Steel’s Pig iron (steel grade) offers unchanged at INR 28,000-28,200/MT & Sponge P-DRI prices reduced by INR 300-400/MT to INR 19,000-19,100/MT ex-plant, Raigarh.
— Electrosteels Ltd in Bokaro, Jharkhand has rolled over Pig iron (steel grade) offers at INR 27,600/MT ex-plant.
— Raipur, Central India based Integrated plants offers decreased by INR 100-200/MT, offering Sponge P-DRI at INR 19,700-19,800/MT & Sponge DR CLO grade at INR 22,000-22,200/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,000/MT & Billet at INR 31,700/MT ex-plant.
— South India (Telangana) based Cauvery Iron & Steel offers FeM 80 P-DRI & Billet at INR 20,600/MT & INR 34,000/MT. Also offering 12 mm Rebar at INR 37,500/MT. All prices are ex-plant & excluding GST.
— BIOP Steels in South India has decreased sponge prices by INR 300-400/MT, offering FeM 80 & 82 C-DRI lumps at INR 20,500/MT & INR 20,900/MT ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,600-19,700/MT ex-Bellary, offers decline by INR 300/MT from the last trade; an official reported.
Wire Rod & Pipe
— SAIL increased rebar prices by INR 500/MT in North region w.e.f 23 Feb. Presently, large mills are offering rebar in the range of INR 40,500-41,000/MT (ex-NCR/Delhi, In retail segment).
— Raipur based wire rod manufacturers offers unchanged and trade discount through the manufacturers/suppliers is around INR 1,000-1,700/MT. The offers for 5.5 mm wire rod is hovering at around INR 39,700/MT ex-Raipur & INR 36,300-36,500/MT ex-Durgapur.
— Raipur, Central India based ERW pipe manufacturers decreased prices by INR 500/MT & offers reported at around INR 38,000/MT ex-plant & excluding GST.
— Mandi Gobindgarh, North India based manufacturers offered ERW Pipe at around INR 41,000/MT ex-plant & excluding GST.
Rebar (12 mm)
— Rathi Steels based in North region current offering at INR 38,850/MT.
— Raipur based – SPEED TMT unchanged their offering at INR 36,200/MT.
— Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) unchanged their offering at INR 39,600/MT FoR.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT unchanged their offering at INR 38,500/MT.
— Jalna based Kalika Steel Alloys Pvt Ltd unchanged their offering at INR 38,500/MT.
— Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) offering at INR 38,400/MT (Down by INR 400/MT).
— Chennai based Shakti Ferro Alloys, (SSI TMT) unchanged their offering at INR 39,000/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis.
Reference prices as on 25th February 2019
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| Scrap | Ex-Alang | HMS(80:20) | 26,000 | 25,900 | 26,100 | 0 | 26,000 | 25,700 |
| Ex-Mumbai | HMS(80:20) | 24,900 | 24,800 | 25,100 | 0 | 25,500 | 25,200 | |
| Ex-Chennai | HMS(80:20) | 25,000 | 24,800 | 25,100 | 0 | 25,200 | 24,400 | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 19,500 | 19,400 | 19,600 | 0 | 21,000 | 20,700 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 20,000 | 19,900 | 20,100 | – 100 | 20,700 | 19,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 21,000 | 20,900 | 21,100 | – 200 | 21,600 | 20,500 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,300 | 20,200 | 20,400 | – 200 | 21,200 | 19,300 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 18,300 | 18,200 | 18,400 | 0 | 19,800 | 19,600 |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 19,800 | 19,700 | 19,900 | – 200 | 20,600 | 19,000 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 19,700 | 19,600 | 19,800 | – 300 | 20,600 | 18,800 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,600 | 20,500 | 20,700 | – 100 | 21,000 | 19,400 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 34,200 | 34,100 | 34,200 | – 550 | 35,500 | 34,050 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,100 | – 200 | 32,500 | 31,400 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,000 | 30,900 | 31,000 | – 500 | 32,500 | 30,450 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 31,800 | 31,700 | 31,900 | – 200 | 32,850 | 31,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,600 | 34,500 | 34,700 | – 500 | 35,200 | 33,600 | |
| Billet | Ex-Mandi Gobindgarh | 100×100 mm, IS 2831 | 34,600 | 34,500 | 34,600 | – 500 | 36,100 | 34,500 |
| Ex-Durgapur | 100×100 mm, IS 2831 | 31,400 | 31,300 | 31,500 | – 200 | 32,800 | 31,800 | |
| Ex-Rourkela | 100×100 mm, IS 2831 | 31,600 | 31,500 | 31,700 | – 400 | 33,300 | 31,100 | |
| Ex-Raipur | 100×100 mm, IS 2831 | 32,700 | 32,600 | 32,800 | – 300 | 33,800 | 32,000 | |
| Ex-Ahmedabad | 100×100 mm, IS 2831 | 35,300 | 35,200 | 35,400 | – 100 | 35,500 | 33,400 | |
| Ex-Mumbai | 100×100 mm, IS 2831 | 34,800 | 34,700 | 34,900 | – 500 | 35,500 | 33,800 | |
| Ex-Chennai | 100×100 mm, IS 2831 | 34,300 | 34,300 | 34,500 | – 200 | 35,000 | 32,700 | |
| Ex-Hyderabad | 100×100 mm, IS 2831 | 34,000 | 33,900 | 34,100 | 0 | 34,000 | 32,000 | |
| TMT | Ex-Delhi/NCR | 12-25 MM, IS 1786- 500 Fe | 37,600 | 37,400 | 37,800 | 0 | 38,900 | 37,200 |
| Ex-Durgapur | 12-25 MM, IS 1786- 500 Fe | 36,100 | 35,900 | 36,300 | – 200 | 37,800 | 36,300 | |
| Ex-Raipur | 12-25 MM, IS 1786- 500 Fe | 35,900 | 35,800 | 36,100 | – 100 | 36,900 | 35,000 | |
| Ex-Mumbai | 12-25 MM, IS 1786- 500 Fe | 38,300 | 38,100 | 38,600 | – 300 | 38,700 | 36,900 | |
| Ex-Chennai | 12-25 MM, IS 1786- 500 Fe | 38,600 | 38,500 | 38,900 | – 100 | 39,100 | 36,800 | |
| Ex-Hyderabad | 12-25 MM, IS 1786- 500 Fe | 37,500 | 37,300 | 37,700 | 0 | 37,800 | 36,200 | |
| Wire Rod | Ex-Durgapur | Wire Rod(5.5 MM) | 36,400 | 36,200 | 36,700 | – 300 | 38,000 | 37,000 |
| Ex-Raipur | Wire Rod(5.5 MM) | 39,700 | 38,500 | 39,700 | 0 | 40,500 | 38,100 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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